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7th Jul 2021

Pakistan projected to harvest 8.4 MM MTS of rice

Pakistan to boost rice exports.

 

Rice exportRice export from Pakistan is projected to rise to a record in 2021 because of abundant production by the world's fourth-largest rice exporter, having a weaker local currency, and Russia’s move to resume rice import. Food security commissioner from Pakistan’s national food ministry, Syed Waseem-ul-Hassan, said that Pakistan has gained entrance to the Russian market, and Pakistan rice exports to that region will increase by as much as 200K MTS. He also added that total rice exports are estimated to increase from 10% in 2020 to 15% in 2021 as the government also aims to boost rice exports to regions like Africa. Malik Faisal Jahangir, senior vice chairman of the Rice Exporters Association of Pakistan said that the reopening of rice exports to Russia is a milestone. Four members of the group have already complied with the Russian milling standards, and many more compliant units will be added this 2021. According to Pakistan government data, local production is expected to rise 13.6% to an all-time high of 8.4 MM MTS by June 2021.

Indonesia is not looking forward to import rice in 2021 after stockpiling, as mentioned by Trade Minister Muhammad Lutfi. The government intends to maintain rice prices stable during the current COVID-19 restrictions. The country's food procurement agency Bulog currently has 1.39 MM MTS of rice reserves, which are sufficient to be utilized for rice price stability measures for at least 12 months, Lutfi added. He also said that this year's harvest is also anticipated to be higher than 2020 at 33 MM MTS. Bulog plans to sell its rice stockpiles to the market when prices increase to prevent price hikes. Indonesia in March 2021 signed a 1 MM MTS per year rice procurement contract with Thailand for buffer rice supply, but Indonesia’s President Joko Widodo said he did not anticipate fulfilling this until at least June 2021 and sought to boost absorption of rice from local farmers.

Tags: IRRI-6 5% Broken, White Rice Price, Parboiled Rice Price, Rice Exporters, Rice Importers, Rice Market News, Rice Import, India's Rice Export, IRRI-6 100% Broken


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